> 2016 exploration budget of $20 million to focus on reserve replacement and mine life extensions, up from $18 million in 2015

George Town, Grand Cayman, United Kingdom, Feb. 29, 2016 (GLOBE NEWSWIRE) -- Endeavour Mining (TSX:EDV) (OTCQX:EDVMF) is pleased to announce that, at year-end 2015, the Company's Proven and Probable mineral reserves ("P&P reserves") stood at 5.9Moz of gold (4.7Moz on an attributable basis) and Measured and Indicated mineral resources ("M&I resources") amounted to 11.0Moz of gold (8.6Moz on an attributable basis), representing a 32% and 39% increase, respectively, over the previous year on a 100% basis.

Neil Woodyer, CEO of Endeavour, stated: "We are very pleased with our 2015 exploration program as the success achieved through reserve replacement and mine life extension at both Agbaou and Tabakoto is expected to generate immediate value.

Furthermore, the value-accretive Ity mine acquisition has added 1.6Moz of reserves and 3.1Moz of M&I resources, at an implied price of $9 per attributable M&I resource ounce which compares very favorably to our average discovery cost.

In light of our expected capacity to increase exploration expenditure in coming years, in accordance with our anticipated significant increase in cash flow generation, in 2016 we plan to conduct a strategic review of our portfolio to establish our long-term exploration strategy and to prioritize targets."

Table 1: YoY Reserve and Resource Variation[1]

On a 100% basis, in '000 ounces

As at December 31, 2014

As at December 31, 2015

Variation

P&P Reserves

4,505

5,925

+1,420

+32%

M&I Resources

7,901

10,973

+3,072

+39%

Inferred Resources

2,463

2,443

(20)

(1%)

As shown in Table 2, a total of 494koz were depleted during 2015, with 61% and 93%, respectively, of depleted P&P reserves and M&I resources being replenished. Exploration additions (excluding the Ity mine acquisition) amounted to 460koz of M&I resources, which includes the negative impact of reducing the gold price estimate from US$1,600/oz to US$1,500/oz for the Agbaou, Nzema and Youga mines. A total of 302koz were added to reserves (exclusive of depletion), as a result of the resource conversion at the Agbaou and Tabakoto mines.

Table 2: P&P Reserves and M&I Resources replenished in 2015

On a 100% basis, in '000 ounces

2015 Ore Depletion1

P&P Reserve Depletion/Replacement

M&I Resource Depletion/Replacement

Ounces added/removed2

% of depletion replenished

Ounces added2

% of depletion replenished

Tabakoto

162

+80

49%

+167

103%

Nzema3

73

(67)

(91%)

(27)

(37%)

Youga

75

+3

4%

+64

86%

Agbaou

184

+285

155%

+256

139%

Sub-total

494

+302

61%

+460

93%

Ity4

7

+1,620

+3,113

Total

501

+1,921

+3,573

1 Depletion on a processed ore contained ounce basis 2 Includes exploration ounces delineated and changes due to gold price and cut-off grade. Excludes ore depleted. 3 Nzema ore depletion is based on EDV ore and excludes purchased ore 4 Ity is included for the post-acquisition period of November 28 to December 31, 2015

Agbaou Mine

At Agbaou, the $5.8 million exploration program successfully delineated 256koz of M&I resources, mainly comprised of soft oxide ore from the West pit extension. Total mineral reserves increased by 11% over the previous year, from 926koz to 1,027koz, despite the depletion of 184koz following the record production achieved in 2015. M&I resources increased by 6% over the previous year, from 1,109koz to 1,181koz, with nearly 90% converted to reserves.

The current reserve is now 13% greater than the 2014 pre-production reserve of 0.9Moz.[2] The exploration program fully replaced the soft material mined during 2015 and added an additional year of free-dig oxide mine life, which should allow the mine to maintain its current production level over the next few years.

In 2016, exploration is expected to focus on the North pit and South pit extensions, the Agbaou South target, and to generate targets beyond the current resource boundaries.

Tabakoto Mine

At Tabakoto, the $7.8 million exploration program focused primarily on the underground drilling of mineralized zones below development in the Tabakoto and Segala mines. Despite realizing only 40% of the planned underground exploration campaign due to the lack of drilling access and flooding, exploration successfully replenished 103% of the M&I resources depleted, however only 49% of reserves were replenished due to the delays encountered. Surface exploration delineated an open pit M&I resource of 0.9Mt at 3.45g/t Au containing 105koz at the Tabakoto Northwest deposit.

In 2016, the focus will be directed towards delineating additional underground resources and resource-to-reserve conversion. Furthermore, exploration is expected to test the potential extension of the Kofi B deposit and to generate new open pit targets on the Kofi trend, which lies immediately north of Randgold's Loulo property.

Ity Mine

Following the acquisition of the Ity mine in November 2015, the short-term exploration objective was to add heap-leachable resources and subsequently convert them into reserve. Subsequently, the heap leach reserve now stands at 191koz, up 10% compared to the amount communicated in September 2015. Furthermore, several targets have been identified and are currently being drilled, which should allow the mine to continue to extend its heap leach mine life.

New targets are expected to be drilled on the Ity property in 2016, aimed at delineating additional resources for the CIL project. Furthermore, Endeavour has strategically applied for adjacent exploration tenements in light of the exploration success achieved at Ity over the recent years, which allowed its M&I resources to increase from 0.2Moz[3] to 3.1Moz between 2012 and 2015.

Nzema Mine

Since the mine life of the Adamus pit extends to 2019 based on reserves, no significant exploration capital was allocated in 2015. Consequently, the reserve and resource variances are due to mining depletion and a lower gold price used for the resource estimate.

Youga Mine

Youga reserve and resource variances are mainly due to mining depletion as no significant exploration capital was allocated in 2015. The resource depletion was partially offset by changes in technical parameters used to estimate the resources (increased pit-shell due to lower mining cost estimates which more than compensated for the lower gold price used).

Adriaan "Attie" Roux, Pr.Sci.Nat, Endeavour's Chief Operating Officer, is a Qualified Person under NI 43-101, and has reviewed and approved the technical information related to mining operations in this news release. Michael Alyoshin, MAusIMM CP Min, Endeavour's Chief mining engineer, is a Qualified Person under NI 43-101, and has reviewed and approved the information ore depletion information related to mining operations in this news release. Gérard De Hert, EurGeol, Vice President Exploration is the Qualified Person overseeing Endeavour's exploration projects in West Africa and has reviewed and approved the exploration and resource information in this news release.

The Qualified Persons for the mineral resources and mineral reserves are listed as footnotes to the tables provided in the Appendix to this new release

About Endeavour Mining Corporation

Endeavour Mining is a TSX-listed intermediate gold mining company which operates 5 West African mines in Côte d'Ivoire, Mali, Burkina Faso and Ghana. In 2016, it expects to produce between 575,000 and 600,000 ounces at an all-in sustaining cost of US$875 to US$925 per ounce. Endeavour Mining is focused on effectively managing its existing assets to maximize cash flow as well as pursuing organic and strategic growth opportunities that benefit from its management and operational expertise.

This news release contains "forward-looking statements" including but not limited to, statements with respect to Endeavour's plans and operating performance, the estimation of mineral reserves and resources, the timing and amount of estimated future production, costs of future production, future capital expenditures, and the success of exploration activities. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "expected", "budgeted", "forecasts" and "anticipates". Forward-looking statements, while based on management's best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the successful integration of acquisitions; risks related to international operations; risks related to general economic conditions and credit availability, actual results of current exploration activities, unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates, increases in market prices of mining consumables, possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of development or construction activities, changes in national and local government regulation of mining operations, tax rules and regulations, and political and economic developments in countries in which Endeavour operates. Although Endeavour has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Please refer to Endeavour's most recent Annual Information Form filed under its profile at www.sedar.com for further information respecting the risks affecting Endeavour and its business.

[1] Note: M&I Resources shown are inclusive of P&P Reserves. Further details concerning the December 31, 2015 available in the Tables and the Notes to Mineral Resources and Reserves in the appendix of this news release. Further information concerning the Mineral Resource and Mineral Reserve as at December 31, 2014, is available in the February 19, 2015, press release entitled "Endeavour Mining increases Mineral Reserves to 4.5Moz with exploration additions of 870,000 oz in 2014".

[2] Pre-production P&P reserve amounted to 11Mt at an average grade of 2.54 g/t Au for 0.9Moz. For more information please consult the Company's June 11, 2012 press release, available at www.endeavourmining.com.

[3]Ity's M&I resource on a 100% basis was 1.6Mt at an average grade of 3.31 g/t Au containing 0.2Moz, as at Dec. 31, 2012.